Just weeks after signing two settlement agreements with 20 state treasurers and comptrollers and 20 state insurance regulators, regarding how Prudential Financial, the second largest life insurance company in the US, will identify deceased policyholders and their beneficiaries and determine when to send their unpaid life insurance benefits to unclaimed property offices, Massachusetts attorney general is requesting additional information regarding its pre-settlement policies.
The Star-Ledger reports that a New York comptroller office will also be auditing the life insurance company, and that subpoena’s will be issued to Prudential and other insurance companies that use the Social Security Master Death File to identify policyholders who have died, in an effort to uncover how the companies handle unclaimed policies and benefits.
The attorney general in Minnesota is requesting information from Prudential also, and state insurance regulators have also issued subpoena’s regarding unclaimed property procedures.
Minnesota, New York, and Massachusetts are among the states that did not sign the settlements with Prudential, though Massachusetts did sign the agreement with the state treasurers.
NJ.com reports that Minnesota, Massachusetts, and New York spokespersons either declined to comment on the investigations or were not able to give any specific information regarding the investigations.